Overview

• A three-judge panel at the US Court of International Trade ruled that President Trump overstepped his authority in imposing 10% and 20% 'reciprocal' tariffs on major trading partners.
• The White House immediately filed an appeal of the injunction, signaling a prolonged legal battle and sustained uncertainty over US trade policy.
• Nvidia reported fiscal Q1 revenue of $44.06 billion, a 69% year-on-year increase that topped analysts’ estimates on surging AI chip demand.
• The chipmaker warned it expects to forfeit up to $8 billion in Q2 revenue due to ongoing US export restrictions on its H20 AI chips to China.
• Best Buy and HP each cut their full-year guidance, attributing weaker consumer demand and higher costs to the disputed tariffs.